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MakeMyTrip Limited Announces Strong Fiscal 2011 Third Quarter Results

Stocks in this article: MMYT

Financial Highlights

  • Gross bookings (1) for Air ticketing and Hotels and packages combined increased by $87.2 million to $210.6 million, representing growth of 70.7% year over year.
  • Number of Transactions for Air ticketing and Hotels and packages combined increased by 58.6% year over year.
  • Revenue increased by 56.7% year over year to $35.8 million. Revenue less service cost (2) increased by $6.4 million to $17.3 million, representing a growth of 59.2% year over year.
  • Net revenue margin (3) for Air ticketing and Hotels and packages combined remained steady at 7.8%.
  • Results from operating activities improved to $1.4 million, an increase of $0.8 million from the prior year's fiscal third quarter. Adjusted operating profit (4) improved to $1.6 million versus $0.7 million in the prior year's fiscal third quarter.
  • Profit for the period was $1.6 million, versus $0.6 million in the prior year's fiscal third quarter. Adjusted net income (5) was $1.8 million, representing an increase of $1.0 million from the prior year's fiscal third quarter.

GURGAON, India, Feb. 9, 2011 (GLOBE NEWSWIRE) -- MakeMyTrip Limited (Nasdaq:MMYT), India's leading online travel company, today announced its unaudited financial and operating results for its third fiscal quarter ended December 31, 2010.  "Our strong financial performance reflects the robust growth in air and holiday travel during the seasonally strong quarter," said Deep Kalra, Chairman and CEO of MakeMyTrip. "MakeMyTrip was able to deliver value to our customers as they utilized our website and services to plan and book winter holiday journeys for Diwali, Christmas and the New Year." 

(in thousands except EPS) 3 Months Ended December 31, 2009 3 Months Ended December 31, 2010 YoY Change
Financial Summary as per IFRS      
Revenue $22,846.0 $35,792.9 56.7%
Revenue Less Service Costs (2) $10,853.7 $17,281.4 59.2%
Air Ticketing $8,196.1 $13,486.4 64.5%
Hotels & Packages $2,306.6 $2,949.6 27.9%
Other $351.0 $845.5 140.9%
Results from Operating Activities $654.8 $1,443.3 120.4%
Adjusted Operating Profit (4) $672.9 $1,586.5 135.8%
Income for the period $635.4 $1,628.1 156.3%
Adjusted Net Income (5) $763.6 $1,771.4 132.0%
Diluted Earnings per share $0.02 $0.04  
Adjusted Diluted Earnings per share (5) $0.02 $0.05  
Operating Metrics      
Gross Bookings $123,405.7 $210,605.1 70.7%
Air Ticketing $106,964.9 $183,390.3 71.4%
Hotels & Packages $16,440.8 $27,214.8 65.5%
Number of Transactions      
Air Ticketing 477.3 759.2 59.1%
Hotels & Packages 33.3 50.7 52.2%
(1) Represent the total amount paid by our customers for the travel services and products booked through us, including taxes, fees and other charges, and are net of cancellations and refunds.
(2) Represents IFRS revenue after deducting service costs.
(3) Revenue less service cost as a percentage of gross bookings.
(4) Results from operating activities excluding employee share-based compensation costs.
(5) Profit for the period excluding employee share-based compensation costs, one time IPO costs relating to listing of existing shares, interest expense on the liability portion of preference shares and changes in the fair market value of embedded derivatives in the preference shares.
Please see "About Non-IFRS Financial Measures" included within this release to understand the importance of the financial measures set forth in notes (2) to (5) above. Reconciliations of non-IFRS financial measures to IFRS operating results are included at the end of this release.

Recent Developments

Acquisition of majority stake in Luxury Tours & Travel Pte Limited

On February 9, 2011, MakeMyTrip entered into a Share Purchase Agreement (SPA) with Luxury Tours & Travel Pte Limited (LTT) and its existing shareholders pursuant to which, MakeMyTrip Limited will purchase ordinary shares from the existing shareholders of LTT. The first closing date of the sale and purchase is expected to occur in April 2011, subject to receipt of necessary approvals and other customary closing conditions.

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